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cazador83
Joined: 28 Feb 2006
Location: Seoul
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 Posted: Sat May 27, 2006 7:57 am Post subject: Can a foreigner get a Korean credit card? |
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I have a bank account with Kookmin, and I have the "International Money Transfer"/ATM/debit card. So I can use this for ATM machines and all that, but what I really want is a card with a MasterCard logo so I can purchase things online, etc. Anyone know if this is possible for a waygukin?
My bank at home is a debit card as well, but has the MC logo so I can use it as both CC and DC.
Another question is that my card does have a MasterCard-similar looking logo on it, but instead says Maestro and Cirrus, but what exactly do those mean?
Thanks! |
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Cedar
Joined: 11 Mar 2003
Location: In front of my computer, again.
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| Posted: Sat May 27, 2006 8:09 am Post subject: |
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| yes. but most Korean cards have a yearly fee. |
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cazador83
Joined: 28 Feb 2006
Location: Seoul
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| Posted: Sat May 27, 2006 8:11 am Post subject: |
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do you know how much?
Also just as a side note... I did go to a KB and try to explain to a guy who spoke no English (and me no Korean) what exactly I wanted, and he had aboslutely no clue what I meant... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat May 27, 2006 8:26 am Post subject: |
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| Cedar wrote: |
| yes. but most Korean cards have a yearly fee. |
Lots don't. Mine doesn't.
Getting a credit card (as compared to debit or ATM card) in Korea is pretty much a matter of where you work.
If you are at a hakwon then you will need to place a "security deposit" in a bank as collateral for your card.
If you have a "regular job" as a salaryman, or school/uni then you can get a card without the collateral.
Foreigner cards are available from KEB and WOORI Bank and Samsung.
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I got this from Wooribank:
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Dear Mr. name;
Thank you for using Woori bank service.
As for your inquiry, we have a credit card available to foreign residents.
However, there is a requirement you should meet, a time deposit, which Woori bank is going to take it as a security, and the minimum amount for that should be no less than w1,000,000.
When you are ready for this, please visit your local branch office with your ID card used for your account establishment (it could be either your alien card or passport) and the bankbook. We will be glad to help you.
If you have further questions, please send a message or call Woori Bank Customer Service at 02-2008-5000,#7. Our collect number is 080-365-5000,#7. Representatives are available to assist you from 9:30 AM Monday through to 5:30 PM Friday.
Thank you for using Woori Bank. We appreciate the opportunity to serve you.
Best regards,
Tina
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The way it works is your limit is ~95% of your deposit.
1.1 million won time deposit = 1 million won limit.
2.2 million won time deposit = 2 million won limit.
Your money is placed in a term deposit with an interest (as of Jan 2006) rate of about 4.5-5% and then you get a VISA card that can be used globally, can also be used for bus/subway domesticallyand gives discounts at various locations like Everland/LotteWorld (50%), theaters (2000won), various restaurants. etc.
If the clerk in the bank doesn't speak English, get them to phone the number listed above and the Customer service center will assist you with translation and take care of any problems. Takes about 30-35 minutes for the whole process. You get your card delivered by courier in about a week.
You can get your deposit back early simply by turning in your card and closing the account. Position and employer don't matter.
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If you are NOT working at a hakwon you can get the EXPAT card from KEB. Website and on-line application are at: http://www.yescard.com
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In ALL cases you need your ARC and PASSPORT. You may have to open an account in their bank for the monthly payments to be deducted from.
It is all covered in the stickies at:
http://www.eslcafe.com/forums/korea/viewtopic.php?t=20650
Scroll to the bottom of the page (section 6) where it talks about credit cards. |
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uberscheisse
Joined: 02 Dec 2003
Location: japan is better than korea.
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| Posted: Sat May 27, 2006 8:33 am Post subject: |
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i have a secured visa from woori bank. i put down 2.5 million, i think my limit is 2.4. i am not exactly sure how they do that limit...
but i can buy this shirt online finally:
.jpg) |
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Pyongshin Sangja
Joined: 20 Apr 2003
Location: I love baby!
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| Posted: Sat May 27, 2006 10:51 am Post subject: |
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Yes,
Call Samsung.
And maybe KEB.
Before they disappear.
I'll tell you more when...when it's appropriate. |
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Lemonade
Joined: 04 Jan 2006
Location: South Korea
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| Posted: Sat May 27, 2006 9:08 pm Post subject: |
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| jmoore2001 wrote: |
do you know how much?
Also just as a side note... I did go to a KB and try to explain to a guy who spoke no English (and me no Korean) what exactly I wanted, and he had aboslutely no clue what I meant... |
Things like that happen all the time ... welcome to Korea. So what you do is find another KB branch where someone does speak English.
| Quote: |
| yes. but most Korean cards have a yearly fee. |
Mine is 3,000 won, which is easily waived. Futhermore, my CC will get me nice discounts (i.e. 20% off) at places like Outback that will more than make up for the yearly fee. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sat May 27, 2006 10:27 pm Post subject: |
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what the hell is the point of having a credit card when you have to put in 1million won and can only use 95% of that...
so you pay the bank money to use your money? HUH!!
why not just keep the money at home and use the cash!! |
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Lemonade
Joined: 04 Jan 2006
Location: South Korea
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| Posted: Sat May 27, 2006 10:32 pm Post subject: |
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| itaewonguy wrote: |
what the hell is the point of having a credit card when you have to put in 1million won and can only use 95% of that...
so you pay the bank money to use your money? HUH!!
why not just keep the money at home and use the cash!! |
Good point but some of us need to use a CC to purchase or make payments online and that my friend requires an international VISA or MASTERCARD. Furthermore, not all of us "have to put in 1million won and can use 95% of that... ." Anyway, in such a case, you can't use 5% of the 1 million won. That isn't much to keep in savings, only 50,000 won. I'm sure most people can afford that much to save and then some. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Sun May 28, 2006 12:56 am Post subject: |
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Shinhan gave me a Man U credit card a month or so ago. 23 million limit (including 7 million international), no deposit.
I have been with them for nearly 8 years and do have a good record. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun May 28, 2006 2:04 am Post subject: |
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| itaewonguy wrote: |
what the hell is the point of having a credit card when you have to put in 1million won and can only use 95% of that...
so you pay the bank money to use your money? HUH!!
why not just keep the money at home and use the cash!! |
Not everyone uses a credit card as a line of credit. In 20 years I've max payed my balance 99% of the time. To wit, if the card has no annual fee, it's debit card without service charges. I'm not sure about Korea but there are many inconveniences to not having a credit card. Ever try to set up a Blockbuster membership without a credit card? Ever try to book a hotel room online? Ever try to rent a car? You need a credit card. |
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jade
Joined: 01 May 2005
Location: seoul
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| Posted: Sun May 28, 2006 2:14 am Post subject: |
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Try KEB Expat credit card,
I got it totally over the net. W120, 000 annual fee
The entire service is in English as well as the statements and it really is worth it here. |
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Homer
Guest
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| Posted: Sun May 28, 2006 2:44 am Post subject: |
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Because a CC is practical sometimes I-guy...but you can always try stuffing cash in your CD drive when you purchase online (if you do) 
All jokes aside, what tom said is accurate. |
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Blue Cheer
Joined: 04 Jan 2006
Location: Rooster Forest
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| Posted: Sun May 28, 2006 2:47 am Post subject: Kb card |
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Hello,
Yes, you can get a credit card here. KB started offering an expat card for foreigners. I do not know all of the ins and outs of how to get it, they have a website somewhere. One of my wonderful friends works at the English call centre. She has informed me on more than one occasion that the people with whom she speaks often treat her as if she is garbage. Mind you, her English is great and she is thoroughly professional. I was shocked at some of the things people have told her. One guy couldn't believe that he actually had to pay interest on the amount of money he took out. Others went mad after she told them that they should pay their bills every month if they want to get a higher credit limit. I'm really not joking. Then she is told on a daily basis about how terrible Korea is and blah, blah, blah.
It seems to me that many of these victims of Korean society should direct their anger and hostility at those who actually have done them harm, like their bossess or whoever else it is. They all seem like the guy who takes crap all day from his superiors at work and then lays the blame for his misery on his wife. In closing, anyone who calls up these call centres, please treat those who you talk to with the same amount of courtesy and respect as you would back home. Thank you. |
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krats1976
Joined: 14 May 2003
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| Posted: Sun May 28, 2006 4:09 am Post subject: |
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I got a Samsung card. Dunno if there's an annual fee, but I didn't put anything down on it. They even let me set my own limit (which I set pretty low, since it's not roll-over credit & has to be paid in full each month).
I've been happy with it so far, and it makes life a heckuva lot easier here. . |
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